Form N-Q LAZARD GLOBAL TOTAL RETU For: Mar 31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-21511

 

Lazard Global Total Return and Income Fund, Inc.

(Exact name of Registrant as specified in charter)

 

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

 

Mark R. Anderson, Esq.

 Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (212) 632-6000

  

Date of fiscal year end: 12/31

 

Date of reporting period: 3/31/2018

Item 1. Schedule of Investments.

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments

March 31, 2018 (unaudited)

 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2018 (unaudited)

 

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (continued)

March 31, 2018 (unaudited)

 

Forward Currency Contracts open at March 31, 2018:

Currency Purchased		Quantity		Currency Sold		Quantity		Counterparty		Settlement Date		Unrealized Appreciation				Unrealized Depreciation
ARS		12,060,580		USD		554,000		CIT		08/21/18		$	2,827			$	—
ARS		21,538,800		USD		1,116,000		HSB		04/05/18			—				46,741
ARS		17,211,800		USD		820,000		HSB		06/15/18			3,107				—
ARS		23,737,320		USD		1,116,000		HSB		06/15/18			19,172				—
ARS		47,115,000		USD		2,250,000		JPM		05/22/18			32,190				—
ARS		17,849,260		USD		869,000		SCB		04/27/18			6,894				—
BRL		4,942,385		USD		1,515,000		CIT		04/09/18			—				18,723
BRL		3,999,275		USD		1,187,045		CIT		10/16/18			3,913				—
BRL		3,029,872		USD		926,000		HSB		04/20/18			—				9,532
BRL		3,290,208		USD		983,238		JPM		04/09/18			12,853				—
BRL		3,363,815		USD		1,015,829		JPM		04/09/18			2,546				—
CLP		586,595,520		USD		976,000		HSB		04/20/18			—				4,566
CNY		24,867,075		USD		3,917,000		CIT		05/09/18			38,100				—
CNY		5,863,895		USD		926,000		HSB		05/09/18			6,651				—
COP		5,243,145,600		USD		1,848,000		CIT		04/12/18			28,256				—
COP		4,055,643,900		USD		1,419,000		CIT		05/29/18			30,241				—
COP		2,856,603,750		USD		1,001,000		SCB		05/09/18			20,715				—
CZK		43,281,860		EUR		1,702,000		CIT		04/26/18			1,344				—
CZK		15,015,288		USD		731,000		JPM		04/26/18			—				2,872
EUR		1,696,747		USD		2,120,000		CIT		05/25/18			—				24,641
GHS		2,194,020		USD		478,000		CIT		05/07/18			11,108				—
GHS		1,922,210		USD		422,000		SCB		04/23/18			9,099				—
GHS		2,549,780		USD		529,000		SCB		07/09/18			25,674				—
HUF		696,965,475		USD		2,778,000		JPM		04/27/18			—				28,673
IDR		10,524,830,000		USD		758,000		CIT		01/07/19			—				9,929
IDR		31,835,040,000		USD		2,287,000		HSB		04/26/18			29,059				—
IDR		2,958,460,000		USD		212,000		HSB		01/07/19			—				1,722
IDR		16,817,723,000		USD		1,217,000		SCB		04/06/18			6,018				—
INR		56,283,570		USD		861,000		CIT		05/08/18			770				—
INR		95,129,840		USD		1,460,615		HSB		04/09/18			53				—
INR		222,192,284		USD		3,443,000		SCB		04/20/18			—				33,278
KRW		2,039,193,240		USD		1,907,000		SCB		04/12/18			12,877				—
KZT		331,014,000		USD		1,032,000		CIT		04/06/18			4,617				—
KZT		482,313,000		USD		1,490,000		CIT		04/26/18			15,549				—
KZT		376,763,400		USD		1,170,000		SCB		05/25/18			1,164				—
NGN		383,980,000		USD		1,052,000		CIT		06/19/18			54,751				—
NGN		312,750,000		USD		834,000		HSB		12/27/18			23,948				—
NGN		324,996,000		USD		876,000		JPM		09/19/18			37,834				—
NGN		382,402,000		USD		1,052,000		SCB		05/21/18			60,703				—
NGN		301,444,500		USD		798,000		SCB		12/27/18			28,934				—
PEN		6,450,724		USD		1,973,000		HSB		05/18/18			23,537				—
PEN		3,100,383		USD		947,000		SCB		04/16/18			13,587				—
PHP		154,698,638		USD		3,049,000		JPM		04/12/18			—				87,607
PLN		9,803,244		USD		2,889,000		JPM		04/16/18			—				24,928
PLN		2,767,785		USD		813,000		SCB		04/30/18			—				4,147

Lazard Global Total Return and Income Fund, Inc.

Portfolio of Investments (concluded)

March 31, 2018 (unaudited)

 

Forward Currency Contracts open at March 31, 2018 (concluded):

Currency Purchased		Quantity		Currency Sold		Quantity		Counterparty		Settlement Date		Unrealized Appreciation				Unrealized Depreciation
RUB		60,768,900		USD		1,065,000		SCB		04/16/18		$	—			$	6,084
RUB		98,867,463		USD		1,723,000		SCB		05/16/18			—				6,679
SGD		1,837,220		USD		1,406,000		SCB		05/31/18			—				2,996
THB		114,455,818		USD		3,677,000		SCB		05/16/18			—				11,526
TRY		5,866,067		USD		1,353,000		SCB		11/13/18			35,806				—
UAH		14,813,350		USD		503,000		SCB		07/26/18			32,811				—
USD		1,064,170		ARS		21,538,800		HSB		04/05/18			—				5,089
USD		2,318,000		AUD		3,026,307		SCB		06/04/18			—				6,566
USD		1,205,000		BRL		3,999,275		HSB		10/16/18			14,041				—
USD		961,000		CNY		6,161,932		HSB		05/09/18			—				19,053
USD		1,018,000		COP		2,833,094,000		CIT		04/12/18			4,179				—
USD		3,678,000		EUR		2,972,962		CIT		05/25/18			6,607				—
USD		825,000		IDR		11,431,200,000		SCB		04/06/18			—				6,300
USD		1,406,000		JPY		148,137,566		HSB		05/29/18			8,907				—
USD		368,000		MXN		6,981,144		SCB		05/23/18			—				13,038
USD		964,572		RON		3,633,255		CIT		03/15/19			5,760				—
USD		615,000		TRY		2,363,045		CIT		04/05/18			16,575				—
USD		908,000		TRY		3,514,868		SCB		04/05/18			17,884				—
USD		946,000		TRY		3,676,582		SCB		04/05/18			14,931				—
USD		1,089,221		UYU		31,680,000		HSB		04/18/18			—				24,964
USD		1,877,000		ZAR		22,664,963		SCB		04/20/18			—				33,069
USD		148,777		ZAR		1,756,977		SCB		05/16/18			1,233				—
UYU		32,876,480		USD		1,129,000		JPM		04/18/18			27,265				—
UYU		39,045,350		USD		1,345,000		JPM		04/18/18			28,225				—
ZAR		9,245,687		USD		769,000		CIT		05/16/18			7,413				—
ZAR		11,094,773		USD		945,000		SCB		04/20/18			—				9,998
Total gross unrealized appreciation/depreciation on Forward Currency Contracts												$	789,728			$	442,721

 

Lazard Global Total Return and Income Fund, Inc.

Notes to Portfolio of Investments

March 31, 2018 (unaudited)

 

(*)	Non-income producing security.
(¢)	Principal amount denominated in respective country’s currency.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2018, these securities amounted to 1.0% of net assets.
(¤)	Lazard Global Total Return and Income Fund, Inc. (the “Fund”), at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

 

Security Abbreviations:

ADR	- American Depositary Receipt
NTN-F	- Brazil Sovereign “Nota do Tesouro Nacional” Series F

 

Portfolio holdings by industry† (as a percentage of net assets):

Aerospace & Defense		2.0	%
Auto Components		1.4
Banks		7.4
Beverages		7.1
Biotechnology		3.2
Building Products		1.7
Capital Markets		5.7
Chemicals		1.0
Communications Equipment		2.4
Containers & Packaging		0.8
Electrical Equipment		1.9
Electronic Equipment, Instruments & Components		1.2
Energy Equipment & Services		1.3
Food Products		1.1
Hotels, Restaurants & Leisure		2.0
Industrial Conglomerates		1.7
Insurance		7.9
Internet Software & Services		5.6
IT Services		7.2
Leisure Products		0.9
Life Sciences Tools & Services		3.5
Machinery		1.7
Metals & Mining		0.8
Multiline Retail		1.5
Personal Products		3.2
Pharmaceuticals		3.5
Professional Services		4.9
Real Estate Management & Development		1.5
Road & Rail		1.4
Semiconductors & Semiconductor Equipment		1.8
Software		3.4
Specialty Retail		1.9
Technology Hardware, Storage & Peripherals		1.7
Tobacco		0.8
Trading Companies & Distributors		1.3
Subtotal		96.4
Foreign Government Obligations		13.9
Short-Term Investments		0.7
Total Investments		111.0	%

 

†	Industry classifications may be different than those used for compliance monitoring purposes.

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

Item 2. Controls and Procedures.

 

(a)     The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

(b)    There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Lazard Global Total Return and Income Fund, Inc.

 

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer
Date:	May 25, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer
Date:	May 25, 2018

 

By:	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer
Date:	May 25, 2018

Exhibit 99.Cert

 

Rule 30a-2(a) CERTIFICATIONS

 

I, Nathan A. Paul, certify that:

 

1. I have reviewed this report on Form N-Q of Lazard Global Total Return and Income Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

	By:	/s/ Nathan A. Paul
		Nathan A. Paul
		Chief Executive Officer
	Date:	May 25, 2018

Rule 30a-2(a) CERTIFICATIONS

 

I, Christopher Snively, certify that:

 

1. I have reviewed this report on Form N-Q of Lazard Global Total Return and Income Fund, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

	By:	/s/ Christopher Snively
		Christopher Snively
		Chief Financial Officer
	Date:	May 25, 2018

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